Europe's biggest utility Enel pledges to invest 160 billion euros in 10 years to step up clean drive

MILAN: Europe's biggest utility Enel will spend 160 billion euros ($190 billion) over the next 10 years and mobilise even more as it steps up plans to clean its business and become a carbon-free company by 2050.

The group said it will spend 70 billion euros to 2030 on renewable energy to almost triple its capacity to 120 gigawatts, helping to cut its carbon emissions by 80%.

Ordinary core earnings to 2023 are expected to grow by 5-6% per year while net debt will grow to 57-58 billion euros to help fund growth.